Brossard, Qc, August 23, 2018 – Jean-Claude Caron, Director and President of Resources and Energy Squatex Inc. (“Squatex”) (CSE: SQX) announces that 9129-2862 Québec Inc. (“9129”), a wholly-owned corporation, has subscribed on August 22, 2018 a total of 18,008,780 Squatex common shares, at a price of $ 0.10, to settle all of Squatex’s debts towards 9129 totalling $ 1,800,878.09 as at August 21, 2018. These debts represented the sums advanced by 9129 over the years to fund the various activities of Squatex.
Prior to this investment, Jean-Claude Caron held, directly and indirectly through 9129, 61,808,806 Squatex common shares, or 58.40% of the 105,841,876 Squatex shares issued and outstanding. Following this acquisition, Jean-Claude Caron, directly and indirectly through 9129, holds 79,817,586 Squatex common shares, representing 64.45% of the 123,850,656 Squatex shares issued and outstanding.
Jean Claude Caron and Squatex’s board of directors considered that it was advantageous for Squatex to clean up its balance sheet by eliminating its debts. Jean-Claude Caron and 9129 intend to continue to hold their Squatex shares for investment purposes and may, depending on the circumstances, increase or decrease their ownership of shares and have no plans or intentions to significant changes to Squatex, including the changes listed in Item 5 of Schedule 62-103F1.
A copy of the Alert Reporting Statement for this release may be obtained from Squatex’s profile at www.sedar.com.
For further information, please do not hesitate to contact Mr. Jean-Claude Caron, President of Squatex, or Mr. René Guimond, CPA, CGA, Vice President Finance Squatex, at 450-766-0861.
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